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Egypt sells 21 million sq m of land to Talaat Mostafa for housing project

CAIRO (Reuters) - Egypt’s New Urban Communities Authority (NUCA), a government housing body, on Sunday signed a contract to sell 21 million sq m (2,100 hectares or 5,200 acres) of land to a subsidiary of Talaat Mostafa Group Holding for the construction of a new urban residential project.

The project, located along the Cairo-Suez highway near Egypt’s new administrative capital, will cost 500 billion Egyptian pounds ($32 billion), and the land, whose price was not disclosed, will be paid for in cash and in kind, company chairman Hisham Talaat Mostafa told reporters at the signing ceremony.

Reporting by Momen Saeed Atallah, writing by Nafisa Eltahir; Editing by Kevin Liffey

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